N Sharma, resident of Noida sector 61, has an aluminium factory in Ghaziabad, they said, adding, he was robbed when he was returning from the factory.
Police said that near Gaur city the tyre of Sharma's car got punctured because of some nails on the road.
While the driver was replacing the tyre, armed men came and poured chillies in Sharma's eyes and looted cash of Rs 5000 and some documents.
An FIR has been lodged, police said, adding, no arrest has been made so far.